Latest News from around the world at one place and my unbiased views on those stories.

Saturday, November 15, 2008

Bretton Woods Vol-2 - FAILED

The News:

Termed by many pundits as Bretton Woods II, the Nov 15 Meeting of global "leaders" to combat financial crisis failed to arrive at concrete solution. WSJ or Wall Street Journal reports with this interesting headline:

"G20 Summit Presents United Front, but Offers Mostly Promise"WASHINGTON -- Global leaders showed a united front against the financial crisis at an emergency summit here Saturday, but offered mostly promises of future cooperation to nudge the world out of its economic funk.

Heads of the Group of 20 industrial and developing nations vowed bold action in a host of areas -- from enhanced oversight of financial markets to reform of the IMF and World Bank -- and urged governments to implement "appropriate" fiscal and monetary policies to shore up sagging economic growth.

But the group, which met for less than six hours in the National Building Museum, left most of the tough decisions to future meetings. The next one will be held before April 30, pressuring President-elect Barack Obama to confront a tangle of high-stakes economic and regulatory issues immediately after taking office.

The Bush administration lauded the summit, which was arranged in less than a month as world leaders scrambled to keep the economic downturn from snowballing.

"I don't think we could have predicted then how productive and how successful this meeting would have been," President George W. Bush told reporters following the summit. "There is more work to be done, and there will be further meetings." Japanese Prime Minister Taro Aso said the cooperation among world nations is important in limiting the depth of the financial crisis. "It does no good to simply panic in a crisis, and that is proven by the Great Depression of 1929," Aso said. "Today things are entirely different...we have a framework for cooperation."

My View:

Well, well, well. Politicians achieved what they are ususally good at : PROMISES for future. The so called leaders atually were not supposed to find a solution but look at the way Bush describes it !!! hilarious !!!

If these so called leaders have the slightest of sense, then they should look for the root cause of this mess - the FIAT MONEY. Its not that we can't get over the evils of this crisis, we can. The only thing we need to do is have leaders like Dr. Ron Paul and start listening to his thoughts.